NASDAQ$BKKT
Bakkt Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Reported financial and operational results for the quarter ended September 30, 2024.
Bakkt's Q3 2024 results showed a net loss improvement of 87.8% year-over-year, driven by increased trading volumes and the upcoming rollout of their institutional trading platform, BakktX. Total revenues increased, primarily due to gross crypto services revenues, while operating expenses decreased excluding crypto costs. The company is also investigating a possible wind-down of Bakkt Trust to focus on core business areas.
- Crypto enabled accounts grew to 6.5 million, up 6.7% year-over-year.
- Notional traded volume increased 30.1% year-over-year to $476.5 million.
- Assets under custody increased 85.5% year-over-year to $938.7 million.
- Net loss improved 87.8% year-over-year to $6.3 million, benefiting from a $20.0 million gain on the fair value of warrant liability.
Headline financials
Revenue & EPS history
Bakkt · Revenue · Quarterly
$328M
Revenue by segment
Bakkt · $335M total across 1 segment · Q2 2023
- Crypto Services$335M—100.0%
Forward guidance
Bakkt provided full year 2024 guidance for revenue from loyalty, gross crypto revenue, cash used in operating activities, and end of year available cash.
Headwinds
- Full year 2024 revenue from loyalty expected to be approximately $49 million - $50 million, lower than prior guidance primarily due to lower transaction revenue.
- Full year 2024 gross crypto revenue, less crypto costs and execution, clearing and brokerage costs, expected to be at the lower end of $10 million - $15 million range primarily due to timing of activations.
- Full year 2024 cash used in operating activities expected to be ($84 million) – ($89 million) due to reduction in revenue and higher expenses.
- Full year 2024 free cash flow usage (non-GAAP) expected to be ($91 million) – ($96 million) due to reduction in revenue and higher expenses.
- End of year available cash, cash equivalents and available-for-sale securities of $34 million – $39 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2024
+4.3%
Avg return
Earnings day
+14.5%
Avg return
5 days after
+21.3%
Avg return
30 days after
47%
9 / 19 earnings
Positive
+62.5%
Q3 2023
Best reaction
-33.7%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +0.6% | -16.0% | -14.8% | |
| Q3 2025 | -13.0% | -23.3% | -45.7% | |
| Q1 2025 | +48.0% | +27.8% | +29.8% | |
| Q4 2024 | +13.0% | +30.4% | -8.6% | |
| Q3 2024 | -1.8% | +155.9% | +150.0% | |
| Q2 2024 | -10.8% | -9.8% | -27.1% | |
| Q1 2024 | -5.9% | +49.3% | +67.4% | |
| Q4 2023 | -16.3% | -14.5% | -33.1% | |
| Q3 2023 | +62.5% | +76.4% | +143.1% | |
| Q2 2023 | +0.7% | -4.3% | -9.2% | |
| Q1 2023 | -12.4% | -5.8% | +1.5% | |
| Q4 2022 | -13.5% | -3.2% | +25.4% | |
| Q3 2022 | +20.8% | +24.9% | -2.9% | |
| Q2 2022 | +11.1% | +2.2% | -6.3% | |
| Q1 2022 | +37.2% | +28.8% | +13.5% | |
| Q4 2021 | -33.7% | -31.8% | -25.3% | |
| Q3 2021 | -4.1% | -11.2% | +146.1% | |
| Q2 2021 | -0.4% | -0.7% | +3.3% | |
| Q1 2021 | +0.1% | +0.1% | -1.6% |
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